Camden National Bank reduced its position in U.S. Bancorp (NYSE:USB) by 0.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 196,633 shares of the financial services provider’s stock after selling 524 shares during the quarter. U.S. Bancorp comprises about 2.4% of Camden National Bank’s holdings, making the stock its 10th biggest holding. Camden National Bank’s holdings in U.S. Bancorp were worth $10,882,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Buckingham Capital Management Inc. boosted its holdings in U.S. Bancorp by 1.9% in the first quarter. Buckingham Capital Management Inc. now owns 55,519 shares of the financial services provider’s stock worth $2,675,000 after purchasing an additional 1,015 shares in the last quarter. First Trust Advisors LP boosted its holdings in U.S. Bancorp by 5.0% in the first quarter. First Trust Advisors LP now owns 1,228,167 shares of the financial services provider’s stock worth $59,185,000 after purchasing an additional 57,928 shares in the last quarter. Fiera Capital Corp boosted its holdings in U.S. Bancorp by 4.6% in the first quarter. Fiera Capital Corp now owns 9,133,471 shares of the financial services provider’s stock worth $440,142,000 after purchasing an additional 397,902 shares in the last quarter. Federated Investors Inc. PA boosted its holdings in U.S. Bancorp by 240.0% in the first quarter. Federated Investors Inc. PA now owns 95,428 shares of the financial services provider’s stock worth $4,598,000 after purchasing an additional 67,365 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its holdings in U.S. Bancorp by 1.2% in the first quarter. Commonwealth Equity Services LLC now owns 326,613 shares of the financial services provider’s stock worth $15,739,000 after purchasing an additional 3,760 shares in the last quarter. Institutional investors own 75.49% of the company’s stock.
USB stock traded up $0.45 during mid-day trading on Friday, reaching $53.47. 5,431,358 shares of the stock traded hands, compared to its average volume of 5,532,521. The company has a quick ratio of 0.83, a current ratio of 0.84 and a debt-to-equity ratio of 0.86. U.S. Bancorp has a 52 week low of $43.14 and a 52 week high of $57.81. The business has a 50-day moving average of $53.90 and a two-hundred day moving average of $52.64. The firm has a market capitalization of $85.02 billion, a PE ratio of 13.04, a P/E/G ratio of 2.03 and a beta of 1.10.
U.S. Bancorp (NYSE:USB) last released its quarterly earnings results on Wednesday, July 17th. The financial services provider reported $1.09 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.02. U.S. Bancorp had a net margin of 26.70% and a return on equity of 15.45%. The company had revenue of $5.58 billion during the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the prior year, the company earned $1.02 earnings per share. The business’s quarterly revenue was down 1.1% compared to the same quarter last year. On average, equities research analysts anticipate that U.S. Bancorp will post 4.3 EPS for the current fiscal year.
U.S. Bancorp announced that its board has authorized a stock buyback plan on Thursday, June 27th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Friday, September 27th. This is a boost from U.S. Bancorp’s previous quarterly dividend of $0.37. U.S. Bancorp’s dividend payout ratio (DPR) is presently 40.98%.
In related news, Director David B. Omaley sold 10,133 shares of the stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $55.76, for a total value of $565,016.08. Following the completion of the sale, the director now owns 191,754 shares in the company, valued at $10,692,203.04. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Gillern Jeffry H. Von sold 9,428 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $55.25, for a total transaction of $520,897.00. Following the completion of the sale, the insider now owns 94,658 shares of the company’s stock, valued at approximately $5,229,854.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 50,547 shares of company stock valued at $2,862,231. 0.24% of the stock is owned by corporate insiders.
USB has been the subject of a number of recent research reports. Citigroup cut shares of U.S. Bancorp from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $54.00 to $49.00 in a report on Tuesday. Credit Suisse Group reiterated a “hold” rating and issued a $55.00 price objective on shares of U.S. Bancorp in a report on Thursday, September 12th. Piper Jaffray Companies set a $59.00 price objective on shares of U.S. Bancorp and gave the stock a “buy” rating in a report on Friday, September 13th. Bank of America cut shares of U.S. Bancorp from a “neutral” rating to an “underperform” rating and decreased their price objective for the stock from $55.00 to $53.00 in a report on Monday, September 30th. Finally, Macquarie cut shares of U.S. Bancorp from an “outperform” rating to a “neutral” rating and set a $59.00 price target for the company. in a report on Thursday, August 1st. Five investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $56.31.
U.S. Bancorp Profile
U.S. Bancorp, a financial services holding company, provides various financial services in the United States. It operates in five segments: Corporate and Commercial Banking, Consumer and Business Banking, Wealth Management and Investment Services, Payment Services, and Treasury and Corporate Support.
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